Bofill Mir assists EF Securitizadora in bond issue

Bofill Mir Abogados has assisted EF Securitizadora in the structuring, registration and placement of a securitized bond issue per line, for a maximum amount of 1,500,000 UF for 10 years.

The securitized assets correspond to invoices originated by related companies of Empresas Iansa (LDA SpA, Iansa Ingredientes, Agrocomercial Iansa, Iansagro and Iansa Alimentos) that will be periodically assigned to the separate assets formed by EF Securitizadora through the revolving mechanism. Garrigues acted as advisor to Empresas Iansa.

The transaction included a first issuance of 1,300,000 UF pursuant to the first placement public deed granted under the bond facility. Finally, on 9 August, EF Securitizadora placed the bonds in the market for the total amount of 1,000,000 UF, corresponding to the Preferred Series of the First Issue, giving a total of approximately $57 to $49.5 million US dollars.

The advice involved the structuring of separate equity and revolving securitization, as well as the respective securitized bond issue and its conditions; the structuring and negotiation with Empresas Iansa regarding a framework agreement and instruments that would regulate the issue; and the advice, preparation and granting of instruments required by the Law and General Rule N°303 for the registration of the securitized bond issue per line and its placement.

The transaction comprised the preparation and study of a complete and complex structure for the securitization of invoices and other receivables and payment flows through a revolving structure, financial instruments that are once again being considered as an attractive alternative in the market.

Garrigues’ team consisted of partner Jaime de Larraechea, senior associate Daniel Hernández and associate Santiago Mesías.

Bofill Mir’s team included partners Octavio Bofill (pictured left) and Ana María Yuri (pictured right), senior associate Gonzalo Barceló and associate Sebastián Fernández.